Nios ET5 is on display on the Central China International Auto Show on May 25, 2023 in Wuhan, China.
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Shares of the Chinese electric vehicle manufacturer Nio Inc rose 20% on Thursday after vehicle deliveries greater than doubled in April.
The company’s Hong Kong-listed shares rose as much as 23% to 44.20 Hong Kong dollars, hitting their highest level in over six weeks. Nio shares also contributed to the general earnings boost Hang Seng Indexwhich was up 2% by midday trading.
Nio said 15,620 vehicles were delivered in April, a rise of 134.6% year-on-year.
“Deliveries included 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans,” the corporate said in an announcement on Wednesday.
Nio has delivered 45,673 vehicles thus far this yr, up 21.2% in comparison with the identical period last yr.
The Chinese electric vehicle maker has also expanded its battery alternative partnerships to realize a head start on the infrastructure side of the electrical vehicle ecosystem. Such efforts aim to alleviate consumer anxiety about range.
Other Chinese electric vehicle manufacturers including Li Auto, Xpeng and BYD Also reported deliveries for April on Wednesday, while Li Auto was the one company to report lower deliveries than the previous month.
Li automobile delivered 25,787 vehicles in April, 11% lower than in March. The company’s Hong Kong-listed shares were still trading 3% higher.
Xpeng said it delivered 9,393 electric vehicles in April, 4% greater than the previous month. BYDs Sales volume The number of electrical vehicles was 313,245 in April, up 3.6% from 302,459 in March.
Hong Kong-listed shares of Xpeng rose 7.5%, while those of BYD rose 5%.
The price cutting war is intensifying
Chinese smartphone maker Xiaomi recently joined the fray, launching an electrical automobile in early April. The company priced the SU7 about $4,000 cheaper than Tesla’s Model 3. The company also claimed that the brand new automobile would have an extended range.
Just last week, CEO Lei Jun said its recent electric vehicle is selling higher than expected, and the corporate hopes to interrupt even ahead of expected, despite selling cheaper than Tesla’s Model 3.
— CNBC’s Evelyn Cheng contributed to this story.
